Gold Price Forecast: XAU/USD gains momentum above $2,350, investors await US CPI data

Gold Price trades in positive territory around $2,355in Wednesday’s early European session. The expectation of rate cuts from Fed, rising Middle East tensions and central bank purchases might lift the gold price. Gold traders await the US CPI inflation data for March and the FOMC Minutes on Wednesday. Gold Price extends its upside near $2,355during the early European trading hours on Wednesday.

China added 160,000 troy ounces of gold to its reserves in March, the 17th consecutive month. Turkey, India, Kazakhstan, and some eastern European countries also buying gold this year, along with China. Gold traders will closely monitor the US Consumer Price Index data for March and the FOMC Minutes, due on Wednesday. These events could provide some insights about the inflation trajectory and the path of the Fed’s monetary policy.

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